5 Common Misconceptions About Tax Deductions

In all of our interactions with clients it is clear that the most commonly misunderstood aspect of filing one’s income taxes is the rules and other important information regarding tax deductions. Tax deductions can be a vital aspect of your income tax filing. They can save you a great deal of money if you truly understand how they work, but they can also be a serious headache when improperly handled. In this Read More

Understanding IRS Tax Extensions

When you were in school, did you ever have a big paper due that you knew you weren’t going to be able to finish by the deadline? Perhaps it was due to procrastination, perhaps you had an illness that slowed your productivity, or perhaps you simply wanted to perfect your work. Whatever the reason, you knew you would likely face penalties for turning the work in late, such as a lower grade, so what could you do to Read More

A Brief Guide to Common Stock Taxes

When it comes to investing in the stock market, some of the most common questions that new investors tend to ask have to do with what kinds of taxes they will have to pay on their stocks. In general, simply buying or holding on to common stock investments will not trigger any sort of taxable event. It is when you actually collect gains from a stock investment that you will be required to pay taxes on it. There Read More

6 Myths and Misconceptions about Accounting and Accountants, Part II

In our last blog we detailed three common myths about accounting and accountants: that it is easy to handle accounting on your own thanks to technology, that hiring an accountant is a quick-fix for financial problems, and that accountants are only good for doing math. Click here to check out Part I of this blog and learn more about these harmful misconceptions. Far too many business owners are missing out on Read More

6 Myths and Misconceptions about Accounting and Accountants, Part I

One of the biggest reasons that small business owners neglect their bookkeeping and fail to utilize the services of professional accountants is simply due to a lack of understanding of the industry and benefits. There are numerous misconceptions that follow the genre of accounting as well as those who practice it. Simply put, if your company fails to employ effective accounting practices and is unwilling to trust Read More

5 Common QuickBooks Mistakes to Avoid

QuickBooks is an undeniably useful tool for small businesses that allows them to maintain accurate books and keep their finances in order. However, this software is deceptively easy to the point where users feel confident in their bookkeeping abilities when they are in fact making significant errors that can have serious consequences. QuickBooks mistakes can cause you a lot of headaches and, under some Read More

Understanding How Self-Employment Taxes Are Calculated

Entrepreneurs are the lifeblood of our economy, but one of the biggest hurdles involved in successful self-employment is figuring out how to properly manage your taxes. If your net profits from self-employment—whether as a sole-proprietor, independent contractor, or member of a partnership—total $400 or more in a given year, you will be required to pay self-employment taxes. Taxes tend to be stressful for Read More

What Should You Do if You Suspect an Employee is Stealing From Your Company?

It’s a dreaded scenario that, unfortunately, happens all the time. An employee thinks they can get away with stealing from you, and takes what is not theirs. Whether it’s office supplies, intellectual property, or cash that has been stolen, it is important you move quickly as soon as there is any indication that you have an employee who has committed theft. Here are some steps you need to take in order to take Read More

6 Reasons Your Small Business Needs Accounting Services

Far too many small businesses try to do everything on their own. Whether this determination is a result of trying to save a buck or actually assuming they can handle it all, it often results in negative consequences for the business. Professional accounting services provide a wealth of benefits for small businesses that can enable them to achieve their goals and avoid financial pitfalls. In this blog we will Read More